Oil settles below $107

AP News
|
Posted: Apr 12, 2011 4:07 PM
Oil settles below $107

Oil dropped Tuesday to the lowest level in weeks as energy experts said the world will remain flush with surplus oil this year despite the loss of Libya's exports and increased demand from Japan. Goldman Sachs also warned investors that crude is due for a "substantial pullback."

Here's a breakdown of how energy contracts traded Tuesday:

On the New York Mercantile Exchange:

Crude: gave up $3.67 to settle at $106.25 per barrel;

Gasoline: fell 3.64 cents to settle at $3.1641 per gallon;

Heating oil: lost 7.99 cents to settle at $3.1726 per gallon;

Natural gas: dropped a penny to settle at $4.098 per 1,000 cubic feet.

On the ICE Futures exchange:

Brent crude: lost $2.99 to $120.43 per barrel.